Funding arb · Price arb /

MSFT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.004%

Price spread now: Binance against Ondo Perps+0.091%7-day average +0.097% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 2 days (all we have)+0.011%+$1 · spread now +0.091%, 7d avg +0.097%

Together, before fees−0.075%+ Points / potential airdropOndo Perps: Active · farm board−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.097%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps MSFT-USD.P	500.88	0.0050	pay 0.0006% / 1h	9m 37s	$514K	$503K	15x
Short	Binance MSFTUSDT	501.33	0	get 0.0000% / 8h	7h 09m	$15.6M	$18.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Ondo PerpsbpFee BinancebpOrdersPrice spread, now +0.091%Rate

Funding earned: −$10.58
Price spread: +0.091% → +0.097%: −$0.6
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Binance: 5 bp × 2 orders: −$10
Net: −$26.18
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Binance: live order book, 1 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Ondo Perps no order-book sample	—	—	—	—	—
Sell Binance live order book, 1 min ago	0.10 bp	7.7 bp −$8	12.0 bp −$120	45.1 bp −$4,508	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MSFT on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX MSFTUSDC	−0.0383%	4h	501.35	+0.095%	$102K	$242K	10x	as long as short
BloFin MSFT-USDT	−0.0013%	8h	501.48	+0.120%	$188K	$205K	20x	as long as short
Deribit MSFT_USDC-PERPETUAL	−0.0009%	1h	501.08	+0.040%	$27K	$41K	10x	as long as short
Coinbase International MSFT-PERP-INTX	−0.0008%	1h	501.24	+0.072%	$685K	$453K	10x	as long as short
Aster MSFTUSDT	0.0000%	8h	501.45	+0.113%	$161K	$116K	20x	as long as short
Extended MSFT_24_5-USD	0.0000%	1h	501.21	+0.066%	$337K	$900K	17x	as long as short
Binance MSFTUSDTshort	0.0000%	8h	501.33	+0.091%	$15.6M	$18.7M	20x
Bybit MSFTUSDT	0.0000%	8h	501.22	+0.068%	$7.4M	$1.6M	100x	as long as short
OKX MSFT-USDT-SWAP	0.0000%	8h	501.38	+0.100%	$3.0M	$2.3M	20x	as long as short
Gate MSFT_USDT	0.0000%	8h	501.19	+0.062%	$3.1M	$1.7M	100x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSFTUSDT	0.0000%	8h	501.41	+0.106%	$3.8M	$2.1M	100x	as long as short
Variational Omni MSFT	0.0000%	8h	501.33	+0.090%	$1.3M	$690K	—	as long as short
GRVT MSFT_USDT_Perp	0.0000%	8h	501.50	+0.124%	$19K	$293K	10x	as long as short
SunX MSFT-USDT	0.0000%	8h	502.13	+0.250%	$6K	$4.1M	20x	as long as short
HTX MSFT-USDT	0.0000%	8h	501.28	+0.080%	$58K	$227K	20x	as long as short
Phemex MSFTUSDT	0.0000%	8h	501.86	+0.196%	$2.2M	$760K	10x	as long as short
Nado MSFT-PERP	+0.0015%	1h	501.27	+0.078%	$414K	$64K	20x	as long as short
Lighter RH MSFT	+0.0032%	1h	501.22	+0.068%	$619K	$2.0M	20x	as long as short
QFEX MSFT-USD	+0.0044%	1h	501.32	+0.088%	$1.1M	$5.8M	10x	as long as short
Vest MSFT-USD-PERP	+0.0046%	1h	501.26	+0.076%	—	$1K	25x	as long as short
tradeXYZ xyz:MSFT	+0.0050%	1h	500.95	+0.014%	$22.1M	$9.2M	20x	as long as short
Polymarket Perps MSFT-USD	+0.0050%	1h	500.95	+0.014%	$303K	$672K	10x	as long as short
SoDEX MSFT-USD	+0.0050%	1h	501.23	+0.070%	$60K	$3K	10x	as long as short
Ondo Perps MSFT-USD.Plong	+0.0050%	1h	500.88	long leg	$514K	$503K	15x
Paradex MSFT-USD-PERP	+0.0051%	8h	501.18	+0.059%	$221	—	5x	as long as short
Phoenix MSFT	+0.0080%	1h	501.24	+0.072%	$10K	$15K	20x	as long as short
KuCoin MSFTUSDTM	+0.0100%	8h	501.24	+0.072%	$1.5M	$19K	20x	as long as short
ApeX Omni MSFTUSDT	+0.0100%	1h	500.98	+0.020%	$159K	$7K	50x	as long as short
Orderly PERP_MSFT_USDC_mythos	+0.0100%	8h	501.34	+0.092%	$8K	—	10x	as long as short
Aevo MSFT-PERP	+0.0104%	1h	501.22	+0.068%	$55	—	10x	as long as short
Lighter MSFT	+0.0112%	1h	501.44	+0.112%	$1.1M	$486K	20x	as long as short
Hotstuff MSFT-PERP	+0.0176%	1h	500.98	+0.020%	$32K	$8K	20x	as long as short
Arcus MSFT-USD	+0.0212%	1h	501.24	+0.072%	$97K	$109K	10x	as long as short
Injective MSFT/USDC PERP	+0.0220%	1h	501.76	+0.176%	$115K	$45K	30x	as long as short